"Many of them live on a limited income with little or no scope for an increase, particularly since the state pension has not kept up with inflation.

"But Britain's pensioners are resolutely independent and very few would countenance asking their families for help or moving in with their relatives.

"Almost one in five of them would take a part-time job if they needed extra cash."

When asked specifically about releasing money on their home, a third of people said they thought it was a good way of generating extra money and only 16 per cent said they ruled it out completely.

Among those who would consider releasing money from their property, 19 per cent said they would do so to fund home improvements, 10 per cent said they would unlock money to fund a dream holiday or pay for their hobbies and 7 per cent would do so to pay for their grandchildren to go to university.